Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    275 Promenade St Providence, RI 02908

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Mixed-use destination with commercial office and loft-style apartment living.

    Property Features for 275 Promenade St

    General Information

    Standard status
    Active

    Building Details

    Year built
    1904

    We can help!

    Listing Contact
    Anthony Marcello
    Source: Crexi

    Listing Agency: Foundry Rhode Island Listing Agent: Anthony Marcello

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Restored Mill Campus Office Center

    The Foundry Corporate Office Center is a beautifully restored mill campus featuring recently renovated common areas, restrooms, and an on-site café. This distinctive mixed-use destination offers a unique blend of commercial office space and loft-style apartment living. Once home to the iconic Brown & Sharpe Manufacturing Company, The Foundry spans 26 acres and includes 13 historic buildings comprising approximately 1,000,000 square feet of space, roughly half for commercial office use and half residential. Listed on the National Register of Historic Places, the property reflects a deep commitment to preservation and thoughtful redevelopment. The Foundry is also home to the Foundry Clock Man, an iconic art installation and tribute to the industrial workers who helped shape Providence. The campus is managed by The Foundry Associates, a real estate investment firm specializing in the acquisition, development, and management of multifamily and commercial properties, with a particular focus on the restoration of historic mill buildings in Providence. Halstead Providence, located within the Foundry campus, was developed by The Foundry Associates and offers 433 luxury apartment units and premium amenities including an indoor swimming pool, rooftop deck, two fitness centers, and garage parking.
    Location Intelligence

    Current Use by Public Records

    Provider Group Insurance Agency Wood Engineering Consultant Northwestern Mutual - Financial ... Financial Advisor Catalyst Marketing & Advertising RI Infrastructure Bank Corporate Office

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Law Firm Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Providence
    County
    Providence
    State
    Rhode Island
    Longitude
    -71.4208793
    Latitude
    41.8292725

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      Westminster Square

      Discover many ways to work your way in Westminster Square
      10 Dorrance St, Providence, RI 02903
      View Details
    • $700 /Mo
      240 SF

      Wayland Square Therapy Office Sublease

      First-floor office sublease in Wayland Square, available March 1.
      245 Waterman St, Providence, RI 02906
      View Details
    • $2,600 /Mo
      1,073 SF

      Renovated Office Suite For Rent

      Newly renovated 1,073 sq ft office suite for lease.
      959 N Main St, Providence, RI 02904
      View Details
    • $4 SF/Yr
      9,030 SF

      Versatile Commercial Space For Lease

      Two-level commercial space suitable for office, warehouse, or mixed-use.
      299 Allens Ave, Providence, RI 02905
      View Details
    • Contact for pricing

      Renovated Retail/Office Space on Branch

      Versatile 3,024 SF renovated space with excellent access.
      745 Branch Ave, Providence, RI 02904
      View Details
    • $1,250 /Mo

      Versatile Commercial Space for Rent

      Commercial space with flexible layout suitable for various business uses.
      944 Manton Ave, Providence, RI 02909
      View Details
    • $4,000 /Mo

      Providence Commercial/Industrial Building For Rent

      Versatile commercial/industrial building in a high-traffic Providence location.
      39 De Soto St, Providence, RI 02909
      View Details
    • $20 SF/Yr

      Versatile Renovated Commercial Space

      Renovated 4,000 SF space suitable for office, retail, or medical.
      715 Branch Ave, Providence, RI 02904
      View Details
    • $25 SF/Yr

      East Side Office Space Available

      Office space for rent in a walkable, vibrant neighborhood.
      155 Elmgrove Ave, Providence, RI 02906
      View Details
    • $700 /Mo

      Commercial Space on Manton Avenue

      Versatile commercial space with high visibility and strong traffic exposure.
      962 Manton Ave, Providence, RI 02909
      View Details
    • $795 /Mo
      300 SF

      Renovated Office Space on Broadway

      Lower level office with private bathroom and kitchenette for rent.
      390 Broadway, Providence, RI 02909
      View Details
    • $795 /Mo
      250 SF

      Renovated Office Space on Broadway

      Lower level office with private bathroom and kitchenette for rent.
      390 Broadway, Providence, RI 02909
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use destination with commercial office and loft-style apartment living.
    Where is this mixed-use property located?
    The property is located at 275 Promenade St Providence, RI.
    What are key features of this property?
    This property features: - Restored historic mill campus listed on the National Register of Historic Places.; - Mixed-use destination with commercial office space and loft-style apartment living.; - Recently renovated common areas, restrooms, and on-site caf\u00e9.
    Request Owner's contact information
    275 Promenade St Providence, RI 02908
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    275 Promenade St
    Providence, RI 02908
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    275 Promenade St Providence, RI 02908
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Anthony Marcello
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!